Management’s pursuit for growth is essential for it to survive in the long term. It needs to have a viable market standing and be continually relevant for its customers. The potential of any business is always greater than what is actually realized. Therefore, to achieve growth it becomes imperative that this potential be systematically exploited.
There is a general assumption that lack of growth is often due to external forces, eg economic slowdown, crisis like the current pandemic or changes in government policies. While this may partly be true, it is usually the internal factors that are more causal to this outcome which, in fact, are entirely preventable and addressable.
We highlight some of these causes below (not exhaustive), addressing which would help bring back the growth momentum. These are lack of:
Leaders don’t create growth – they create conditions for growth. The key questions for leaders to reflect upon are:
1.Refer our earlier insight “Recognizing Macro Trends” for more details